This paper draws upon an ongoing study into gambling in the United Kin
gdom to examine off-course betting as a form of social life. Through s
uch an approach it identifies several features of betting shop life th
at complement and refine the research literature to date: the differen
t sub-groups within the off-course betting population; how they manage
their activities in terms of their finances and their domestic and wo
rk responsibilities; the often subtle social dynamics of the betting s
hop. Through an analysis of these features of the punter's world, the
paper investigates the rationality of the activities of loss-making pu
nters, and shows how this differs markedly from the rationalities empl
oyed by those who win at the game - bookmakers and professional gamble
rs. One common concern for many punters is the dream of the 'big win'
for a little stake - a concern not shared by the other two groups - a
dream that undermines their ability to win, and thus compounds their l
osses. The paper then identifies the different sub-groups involved in
off-course betting, and discusses the different times at which they be
t and the different strategies they use. In such a way the paper contr
ibutes to the debate through identifying groups and social processes n
ot addressed in the literature, and shows how they refine the categori
es and concepts used to date.